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Prepare a Merchandise Purchases Budget for November and December. Prepare Cash Budgets for November and December. Prepare a Schedule of Expected Cash Collections for November and December. Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: - Sales are budgeted at $330,000 for November, $350,000 for December, and $340,000 for January. - Collections are expected to be 80% in the month of sale and 20% in the month following the sale. - The cost of goods sold is 70% of sales. - The company desires an ending merchandise inventory equal to 70% of the cost of goods sold in the following month. - Payment for merchandise is made in the month following the purchase. - Other monthly expenses to be paid in cash are $21,300. - Monthly depreciation is $21,100. - Ignore taxes. Prepare Budgeted Income Statements for November and December. Prepare a Budgeted Balance Sheet for the end of December